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Nissan officials answer to angry shareholders on red ink, Ghosn scandal

Smoke engulfs the Nissan logo as workers burn tires during a protest in Barcelona, Spain, where the automaker is closing its plant, costing 3,000 direct jobs. (AP/Emilio Morenatti)     TOKYO — Nissan Chief Executive Makoto Uchida told shareholders Monday he is giving up half his pay after the Japanese automaker sank into the red amid plunging sales and plant closures in Spain and Indonesia. Uchida apologized for the poor results and promised a recovery by 2023, driven by cost cuts and new models showcasing electric-car and automated-driving technology. “We will tackle these challenges without compromise,” he said at a live-streamed meeting. “I promise to bring Nissan back on a growth track.” Executives for the company also blasted suggestions in media reports of a conspiracy within the company to oust Carlos Ghosn. The former chairman's 2018 arrest in Japan on financial misconduct charges has led to much speculation that the move was orchestrated by Nissan executives who opposed closer ties with partner Renault. “I know that in books and the media there has been talk about a conspiracy, but there are no facts whatsoever to support this,” Motoo Nagai, chairman of NissanÂ’s auditing committee, told shareholders at the companyÂ’s annual general meeting. Responding to demands from a shareholder to address the speculation, Nagai argued that the investigation into Ghosn was conducted both internally and by outside law firms. All the worldÂ’s automakers have been hurt by nose-diving sales caused by the coronavirus pandemic. But the problems are especially serious for Nissan, which already was fighting to salvage its reputation after the financial misconduct scandal of former star executive Ghosn. Nissan, based in Yokohama, Japan, sank into its first annual loss in 11 years, reporting a 671.2 billion yen ($6.3 billion) loss for the fiscal year that ended in March. It has not given a projection for this fiscal year, citing uncertainties over the virus outbreak. One angry shareholder got up and said executives should give up more of their pay since investors were getting zero dividends. Another said Nissan needed to do more to strengthen its governance, arguing things have been getting worse, not better, since the departure of Ghosn.

Toyota, Nissan, Honda will work together on hydrogen filling stations

Japan's own version of the Big Three is taking on a transportation effort that's a far cry from the large-engined history of General Motors, Ford and Chrysler. In fact, Toyota, Nissan and Honda are looking to do their part – and maybe a little more – for the environment by working together to collaborate on accelerating the deployment of hydrogen fuel delivery in Japan. More refueling stations means more convenience for prospective hydrogen fuel-cell vehicle owners. Toyota says the specifics, including investment amount and the number of stations to be deployed, will be "determined at a later date." Still, the effort dovetails with that of the Japanese government. That government announced a so-called Strategic Road Map for Hydrogen and Fuel Cells last June and subsequently said it would start offering about $20,000 worth of incentives for fuel cell vehicle buyers. In December, Toyota started selling its first mass-produced fuel cell vehicle, the Mirai, in Japan and said it would almost triple production to 2,000 vehicles in 2016 from 700 this year. Last month, the Tokyo government began talks with Toyota and Honda to collaborate on ensuring that there'd be at least 6,000 fuel-cell vehicles on Japan's roads in time for the 2020 Summer Olympics in Tokyo. Tokyo officials are looking to have 100,000 fuel-cell vehicles on the city's roads by 2025. Check out Toyota's press release below. Toyota, Nissan, and Honda to Jointly Support Hydrogen Station Infrastructure Development Toyota Motor Corporation, Nissan Motor Co., Ltd., and Honda Motor Co., Ltd. have agreed to work together to help accelerate the development of hydrogen station infrastructure for fuel cell vehicles (FCVs). Specific measures to be undertaken by the three manufacturers will be determined at a later date. For hydrogen-fueled FCVs to gain popularity, it is not only important that attractive products be launched-hydrogen station infrastructure must also be developed. At present, infrastructure companies are making every effort to build such an infrastructure, but they face difficulties in installing and operating hydrogen stations while FCVs are not common on the road. Following the formulation of its Strategic Road Map for Hydrogen and Fuel Cells in June 2014, the Japanese government has highlighted the importance of developing hydrogen station infrastructure as quickly as possible in order to popularize FCVs.

Renault invests in French electric car plant upgrade

PARIS — Renault will invest more than 1 billion euros ($1.2 billion) to increase electric vehicle production capacity in France and add new models, the carmaker said on Thursday. The Zoe production line in Flins, west of Paris, will double its maximum output with the battery-powered subcompact's next upgrade, the company said in a statement, and its northern Douai factory will tool up to build electric cars on a new architecture shared with Japanese affiliate Nissan. "The acceleration of our investments in France for electric vehicles will increase the competitiveness and attractiveness of our French industrial sites," said Renault Chairman and Chief Executive Carlos Ghosn, who also chairs Nissan and Mitsubishi Motors and heads the carmakers' three-way alliance. The Cleon plant will triple its electric motor production capacity, while Maubeuge in eastern France receives tooling investment for the next Kangoo van including its electric version, Renault said. Reporting by Laurence Frost. Related Video: Image Credit: REUTERS/Jacky Naegele Green Plants/Manufacturing Nissan Renault Electric